Economic output measured in Gross Value Added rose by 72.9% to £18.4bn over the 10-year period from 1997 to 2007, according to The Mersey Partnership's latest Economic Review.

TMP said key indicators show that the region outpaced similar urban areas, such as Greater Manchester, West Midlands, and South Yorkshire.

Highlights of this year's Economic Review include:

Job training beats national average

Liverpool's student population continues to grow

One-in-ten commuters take public transport

Carbon emissions per person lower than national average

Much of the official data pre-dates the impact of major investments and regeneration schemes across the city region.

Lorraine Rogers, chief executive of the Mersey Partnership, said: "The economic review shows how much the city region has achieved in the 10 years to 2007. Critically, it also shows what we must focus on if we are to achieve sustained economic growth and continue to close the gap in wealth generation between this City Region and other parts of the UK. The rise in business start up rates detailed in the Review is encouraging, as is the growth of our student population.

"The transformational actions outlined in the report, are crucial to the region's continued success. We have identified and prioritised these as sectors that provide significant potential for Liverpool city region to close the productivity gap with the rest of the UK."

The transformational sectors are:

Culture and the Visitor Economy

Liverpool SuperPort

Low Carbon Economy

Knowledge Economy

Rod Holmes, chairman of TMP, said: "This Economic Review shows what has been achieved during the 10 years up to 2007. It is the trajectory we were on before the global recession. It has slowed our growth rates, but today's report demonstrates there is more resilience in the City Region's economy than there has been in previous recessions. Now, we are working together to make further 'step changes' in the City Region's economic performance."

The Mersey Partnership's Economic Review 2009 was launched today at The Foresight Centre, business conference centre of the University of Liverpool.